We also had a great year at the film studio, led by The Dark Knight Rises, which grossed $1.1 billion at the global box office, making it the highest grossing film in the franchise. We also have the first part of The Hobbit trilogy, which is on track to reach $1 billion globally; Magic Mike; and the multiple award-winning film Argo.

Driven by countries like Brazil, Russia and China, we're increasingly seeing international box office totals outstripping domestic box by more than 2:1 for our biggest hits. It's hard to top that, but our 2013 theatrical slate looks even better. It includes Man of Steel, The Hangover 3, Great Gatsby, Pacific Rim, the sequel to 300 and, of course, the second film in The Hobbit series. In fact, that was all content.

In our theatrical business, we had a very good year and a very successful fourth quarter despite difficult comparisons. The first film in The Hobbit trilogy has generated around $950 million at the global box office and is on track to join The Dark Knight Rises as our second 2012 release to pass $1 billion in global box office. The strong box office performances of The Hobbit and the critically acclaimed film Argo helped keep our theatrical revenues almost flat in the fourth quarter, and that's despite a decline in the number of theatrical releases.

Looking ahead to 2013, we are very optimistic about the film slate, which, as Jeff mentioned, includes the second film in the Hobbit trilogy, Man of Steel and Hangover 3, to name just a few.Middle Earth is New Zealand!

.... I did not understand the dissapointment as well, but we do not have to make a crusade out of it and post that kind of comments over and over again, especially when nobody has called the film a financial flop in weeks on this board - no matter how one interprets the numbers.